Layer-2 / crypto infrastructure · Updated 10/2/2026

Blast reportedly shutting down after assets plunge 98%

CoinDesk reports that Blast, an Ethereum layer-2 network, is shutting down after its crypto assets reportedly dropped 98% from more than $2 billion. Possible drivers cited in the supplied information include weaker activity, rising costs and competition, but those explanations are not independently confirmed. ETH was at $2,663.30, down 1.25% over 24 hours; causation is unproven.

30-second brief

What happened

According to the supplied CoinDesk report, Blast is shutting down after a reported 98% fall in crypto assets from a previous level above $2 billion.

Why it matters

The reported closure would mark a significant setback for an Ethereum layer-2 network that once managed more than $2 billion in crypto assets, while underscoring competitive and sustainability pressures in the sector.

Market reaction

ETH was trading at $2,663.30, down 1.25% over 24 hours. The provided data does not establish that the move was caused by the Blast report.

ETHSentiment: Bearish

What happened

What to watch next

Watch for an official statement from Blast, details on shutdown timing and user-asset treatment, and any measurable impact on related protocols or ETH activity.

Key numbers

> $2 billion: reported peak crypto assets
98%: reported decline in assets
ETH: $2,663.30, down 1.25% over 24 hours and up 0.13% over one hour

Timeline

10/2/2026, 12:00:00 AMCoinDesk reports Blast is shutting down.

10/2/2026, 12:00:00 AMThe report says Blast previously held more than $2 billion in crypto assets.

10/2/2026, 12:00:00 AMThe report says assets declined by 98%.

Sources

CoinDeskRead original ↗

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